Ethereum news: Bitmine buys 12,532 ETH, nears 5% of supply
Bitmine added 12,532 ETH last week, lifting holdings to 6,028,946 ETH or about 4.9% of supply, as chairman Tom Lee cites a wealth transfer behind crypto demand.
| Item | Figure |
|---|---|
| ETH bought last week | 12,532 (about $32 million) |
| Total holdings | 6,028,946 ETH (about $15.3 billion) |
| Share of supply | About 4.9% of 122.1 million ETH |
| Gap to 5% goal | About 76,000 ETH |
| Staked | About 5.07 million ETH (84%) |
| Projected annualized staking revenue | About $336 million |
Bitmine, the ether treasury company chaired by Tom Lee, bought another 12,532 ETH last week and now holds 6,028,946 ETH, about 4.9% of total supply. In today’s ethereum news, the company is roughly 76,000 ETH from its stated goal of owning 5%, and Lee used the holdings update to argue that inherited wealth will support the next crypto bull market.
Progress toward the 5% target
The latest purchase was worth about $32 million at Monday’s price and lifts total holdings to roughly $15.3 billion. At last week’s pace, Bitmine could reach the target in about six weeks. Lee said last week that the company plans to stop accumulating ETH once it hits 5%. Since pivoting to an ether-focused strategy in June 2025, Bitmine has reported buying ETH every week.
About 5.07 million ETH, or 84% of holdings, is staked. At current yields, the company projects roughly $336 million in annualized staking revenue.
The wealth transfer argument
In a Monday statement, Lee pointed to IRS and Fundstrat estimates that $1.5 trillion to $2 trillion could change hands between 2026 and 2028. He said those inheriting the money are younger and probably have a higher risk appetite for crypto and equities.
His point echoes comments last month from Robinhood chief executive Vlad Tenev, who told CNBC that more than $100 trillion in wealth is set to pass to younger generations in coming decades. How much of that wealth will actually reach digital assets is unclear.
Lee also listed Wall Street’s growing use of blockchain to represent financial assets, the rise of AI applications, and treasury companies holding tokens for the long term as other possible drivers of a rally.
What the numbers show
Bitmine’s buying of about 12,500 ETH a week is small against a supply of 122.1 million, so the company’s stated stop point matters more for the market than any single week’s purchase. A buyer that has bought every week for more than a year will leave the bid once it reaches its target, a change that traders in ether will likely track.
What to watch
Bitmine’s weekly holdings updates over the coming month will show whether the pace holds and when it crosses 5%. After that, attention turns to how the firm deploys its staking income and whether other treasury companies adopt similar caps.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.